Though other forex trading platforms are available, many traders continue to utilise MetaTrader 4 for their trades despite the recent introduction of MetaTrader 5.
The situation will likely persist since many brokers are reluctant to change from older to more modern systems.
A resized MetaTrader 4 window
Many traders have a terrible habit of arbitrarily going over the same charts during different periods without knowing what they’re searching for.
The MT4 trading platform can effortlessly divide windows; you may construct more user profiles for your trading. Select one of the available window styles by clicking Window in the top menu bar. The current open charts in your MetaTrader profile are arranged following your preferences.
Free backtesting for MetaTrader
Backtesting software might cost hundreds of dollars, yet MetaTrader includes one for free. MetaTrader allows you to scroll backwards in a chart using the F12 key, which advances the chart one candle at a time.
Backtesting is an excellent tool if you’re looking for a means to learn from the past. They employ F12 backtesting to repeat their previous trading week and look for missed trades or opportunities that may have been taken advantage of.
A chart where you may place orders by dragging and dropping them
Many traders are unaware of this feature, but you can see your closed deals on the charts. When you enter your terminal (hotkey CTRL + T), browse to your account history, and then drag & drop a transaction into the chart.
MT4 trading platform will then depict the entry and exit points with two arrows and a dotted line, respectively. In addition, little red and blue lines depict the stop loss and take profit orders in MetaTrader.
If you’d need to keep track of previous trades, this function will come in handy. This way, you don’t have to mark them manually, and you can complete the job much more quickly.
Getting notified when a price drops
Use price notifications, so you don’t miss any trades. Alerts are an excellent way to remain up to date. Creating price notifications in MetaTrader is a breeze. Pick trading, then Alert from the context menu when you right-click on the price level at which you wish to establish your price alert. Once done, MetaTrader will display an alert price level as a red arrow with a dotted line to the right.
You will be alerted by MetaTrader when the price surpasses the alert threshold.
Since it’s obvious, MetaTrader is much more than just a trading platform; instead, you may take advantage of its unique features to better organise your trading strategy and remain on top of everything.
The Best Ways to Use MT4’s Charts
- It is possible to go back or forth in time by rolling your mouse wheel.
- Pages up and down will move the timeline ahead or backwards, respectively.
- End the current price bar by pressing the End button on your chart.
- While looking at historical data, press –F12 to advance one bar at a time (useful for strategy development and learning to read the market).
- Clicking on the vertical scale (price) allows you to move it up and down, compressing or extending the price data presented (good for seeing a target or price outside the current range of the chart).
- By dragging the pointer left or right, you may enlarge or reduce the chart’s size, comparable to clicking the + or – buttons on a keyboard.
- If you’re looking for a specific time in the day, enter the date in the following format: DD.MM.YYYY (day month year) followed by HH.MM (hour minute).